Chronicles Of Depression 2.0: #402: BT UK

The company has already shed 4,000 employees during this financial year and a further 6,000 will go between now and March, it announced.

Consultants, contractors and offshore staff among the company’s 160,000-strong global workforce are to be worst hit by the move, which is part of an ongoing efficiency drive, while core British staff numbers will also be reduced by 4,000.

News of the company’s decision came a day after it was announced that national unemployment has risen to 1.825 million – its highest level for 11 years. A further 140,000 people were out of work in the three months to September, while the number claiming Jobseeker’s Allowance rose by 36,500 in October – the largest monthly rise since 1992.

It is the latest – and largest – announcement of redundancies by a string of household names this week. Virgin Media, Yell, Taylor Wimpey and GlaxoSmithKline announced a round of job cuts totalling more than 5,100.

Economists have forecast that the total unemployed will pass 2 million in the new year and could exceed 3 million as the economic downturn continues to worsen.